NEW YORK, June 25 (UPI) -- Morgan Stanley's past could be its future with the New York-based brokerage reportedly negotiating the return of its former president as chief executive.
The New York Times says John J. Mack has demanded that the board rehire two executives who were his immediate subordinates before his departure in 2001. Both were ousted while Philip J. Purcell ran the company.
Purcell won a power struggle with Mack. But he recently resigned after months of rising criticism, including the departure of a number of Morgan Stanley executives.
The Times reports the board apparently believes Mack is the best choice to bring Morgan Stanley back together. And others appear to agree.
"John Mack has the culture of Morgan Stanley embedded in his body," Eric Gleacher, a former Morgan Stanley banker, told the newspaper. "This place can be resurrected, and I think he can do it."
